Compare Listings

The Increasing Need of Turkish Citizenship for Iranian Citizens

 

Foreign investments to the real estate sector by cutting down the amount applied for granting citizenship to foreign home area earned strength in Turkey. Especially also increased the interest of their country during the civil war or oppression of Arab regimes and Middle Eastern countries who want to get rid of such factors as citizens of Turkey. As is known, the statistics for the housing sales began first announced in Turkey in 2015 and reflects the increasing need for turkish citizenship.

The Increasing Need for Turkish Citizenship

Rising numbers of Iranians are using a sanctions-busting scheme to buy property in Turkey and claim citizenship.

Using a network of money transfer offices, mostly in Istanbul, they can move funds out of accounts in Iran, even though US embargoes have severed the country’s banks from international payment networks.

The method is high-tech hawala, a way of transferring money across borders without going through systems that are monitored by the US Treasury.

Smuggled Iranian chip-and-pin machines connect the Istanbul offices with Tehran banks, the customer’s Iranian account is then debited, and the equivalent in cash is handed over with a healthy commission deducted.

To get cash into the offices and transferred back to Iran, Iranian companies trading abroad use them to exchange their foreign currency earnings into riyal credited to their Iranian accounts, avoiding the high taxes that the Iranian government levies if they use the state exchange. Larger scale operations use faked certificates showing the purchase of goods that are permitted for import into Iran, such as food or medicines, to release funds from frozen Iranian bank accounts.

97% Increase by Iranian Investors

In the first months of the year, covering January, February, and March 2020, the number of houses purchased by Iranian citizens increased by 97% compared to 2019, which showed the increasing need for turkish citizenship. The number of foreign residential areas from Turkey in the mentioned period was increased to 1864.

After this increase in the ranking foreigners, most residential areas have experienced a first in Turkey. Especially in recent years, Iraqi investor interest in Turkey was quite high. These investors bought a Real estate in different cities of Turkey. In addition, Iraqis have long been in the first place in terms of real estate investment. However, in the last three-month period, the interest of Iranian investors in Turkey extremely promoted.

 

 

Source; The Times

Related posts

Real estate sales expected to rise up to 7 billion dollars, Fatih Ergüven

Inhouse Global's Founder, Fatih Ergüven,  said they saw a rise in real estate sales during...

Continue reading

The Smart Investment in Bodrum!

Real estates in Bodrum, is an attention center for foreign real estate investors across the Aegean...

Continue reading

How to get a mortgage to buy real estate in Turkey?

When you consider buying a property, financing is an important matter. Banks make it easier with...

Continue reading

Join The Discussion

WhatsApp